Crypto Currency News

Trending News

Bitcoin
$50,944.25
-559.97
Ethereum
$2,902.24
-27.46
Litecoin
$67.81
-1.17
DigitalCash
$28.51
-0.78
Monero
$118.85
-1.51
Nxt
$0.00
-0
Ethereum Classic
$25.43
-1
Dogecoin
$0.08
-0

Litecoin (LTC) Price Analysis: Risk of Further Losses Below 170 USD

  • Litecoin price is showing bearish signs and has moved back from the $ 200 resistance against the US dollar.
  • The LTC price is now trading well below the $ 200 level and the simple moving average of 55 (4 hours).
  • There was a break below a bearish channel with support near USD 180 on the 4-hour chart of the LTC / USD pair (data feed from Coinbase).
  • The pair is likely to continue falling below $ 170 and $ 165 in the near future.

Litecoin price is showing bearish signs below $ 200 and $ 195 against the US dollar, similar to Bitcoin. LTC price could drop further if it doesn’t gain strength above $ 185.

Litecoin price analysis

This week there has been a downward movement in Bitcoin, Ethereum, Ripple and Litecoin against the US dollar. Previously, LTC made a few attempts to gain strength above $ 200 and $ 202.

The bulls failed to gain strength, however, causing another drop from the $ 200 mark. The most recent swing high was at $ 198 before pausing below $ 190. There was also a break under a bearish channel with support near USD 180 on the 4-hour chart for the LTC / USD pair.

The pair fell below the USD 180 support zone and was well below the simple moving average of 55 (4 hours). A low is being formed near USD 171 and the price is clearly showing bearish signs.

If there is a downside pause below the USD 171 and USD 170 levels, there is a risk of further losses. The next major support is near the $ 165 level, below which the price could continue to decline towards the $ 150 level.

On the upside, an initial resistance near the broken channel is $ 178. It is close to the 23.6% Fib retracement level of the downward move from the high of $ 198 to the low of $ 171. The next major resistance to the upside is near the $ 185 level.

The 50% Fib retracement level of the move down from the high of $ 198 to the low of $ 171 is also close to $ 185. The main resistance is now forming near $ 195, the simple moving average of $ 55 (4 hours) and $ 200.

Litecoin (LTC) price

Looking at the chart, the Litecoin price is now trading well below $ 200 and testing the simple moving average of 55 (4 hours). Overall, the price is likely to fall further below $ 170 and $ 165 in the short term.

Technical indicators

4 Hours MACD – The MACD for LTC / USD is currently gaining pace in the bearish zone.

4 hour RSI (Relative Strength Index) – The RSI for LTC / USD is now well below the 50 level.

Major support levels – $ 170 and $ 165.

Major Resistance Levels – $ 185 and $ 195.

Tags: Litecoin, LTC

Comments are closed.